TORONTO, Oct 4 (Reuters) – Creditors to Sears Canada have set a deadline of Oct. 7 for the retail chain to enter liquidation agreements for all its assets, leaving the company with just days to reach a deal to continue operations, a court-appointed monitor said. That tight deadline presents a challenge and could potentially derail…
Sears Canada Inc.s top executive is making a last-ditch attempt to keep the retailer alive as its creditors press for an accelerated liquidation to settle its debts. A special committee of the Sears Canada board will decide this week on Executive Chairman Brandon Stranzls bid to purchase some of its stores out of bankruptcy as…
TORONTO, Oct 4 (Reuters) – Creditors to Sears Canada have set a deadline of Oct. 7 for the retail chain to enter liquidation agreements for all its assets, leaving the company with just days to reach a deal to continue operations, a court-appointed monitor said. That tight deadline presents a challenge and could potentially derail…
Democrats are urging the White House and Congress to use the rebuilding of Puerto Rico after Hurricane Maria to address the U.S. territorys broader debt crisis. Senator Chuck Schumer, the partys leader in the Senate, said Puerto Rico needs a fair solution to deal with the $74 billion in debt that it was saddled with…
TORONTO Sears Canada could begin a full liquidation of the business as soon as October 19th as the clock runs down on an offer from executive chairman Brandon Stranzl. Stranzl, who made a latest revised bid for the company on Tuesday night, is the only party who wants to run the business as a going…
By PHILIP MUYANGAMore by this Author PrideInn Hotels and Investments Ltd got a reprieve on Wednesday after the Court of Appeal suspended the execution of a judgment placing it into liquidation for its inability to pay a Sh69.3 million debt. The stay of execution of the judgment has been issued pending the filing, hearing and…
The government is calling it the biggest ever U.K. airline failure. Monarch/Facebook The INSIDER Summary: More than 110,000 travelers are stranded around Europe and the Middle East after Monarch Airlines declared bankruptcy. The British airline immediately cancelled services with little warning to employees and passengers. An estimated 860,000 people have lost future travel bookings. The…
A gambling addict has revealed how he blew a £20,000 business loan in just ONE MONTH at casinos across Birmingham and the Black Country – but his family does not know. The married man, who wants to remain anonymous, took out the loan to set up a new company but ended up blowing it on…
“This is not something a president should be doing or can do,” said Larry McDonald, head of the U.S. macro strategies at ACG Analytics. “It’s just noise, and it’s pretty far removed from reality.” “This is not a dictatorship. We have bankruptcy judges and the rule of law,” McDonald said. “But it is scaring the…
A former chief executive of Sears Canada says complete liquidation is inevitable and is the only likely outcome for the troubled retailer. It sounds like its an inevitability, said Mark Cohen, in an interview on BNN Wednesday. If the company is stepping in at this late date looking to sell yet more assets, theres very…